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The Going Concern Squirrel

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Image for The Going Concern Squirrel

“Rangers International Football Club PLC (RIFC) is pleased to announce new loan facilities totalling £6.5m have been made available to the company over the past month.

The facilities have been provided by existing lenders New Oasis Asset Limited (Dave King), Douglas Park, George Letham and George Taylor and by three new lenders, RIFC Director John Bennett and two additional Hong Kong based supporters, Barry Scott and Andy Ross.

RIFC’s board is delighted to welcome the new lenders who, as long-standing supporters of the Club, fit exactly into the profile of investors that RIFC has encouraged during this ongoing rebuilding phase. The new funding has all been provided on the same basis as other recent loans to RIFC.

The loans to RIFC were primarily utilised to fund repayment of the Sports Direct facility with the balance going towards the Group’s working capital requirements.”

Today’s statement, should we accept it at face value, raises a number of concerns. In the company accounts there was a statement that £2.5m would be required to maintain solvency until June 30 2016. When deducting the £5m that we assume has been paid to Sports Direct, we are left with a £1m hole in the auditor’s going concern projections. The RFC website is full of images of our latest free signing. We are expected to believe that King contributed to the £6.5m. That would surprise me as our financially embarrassed chairman has not contributed one of his squirrel’s nuts to date. Paul Murray who was feted as a contributor at the AGM, is also coming up short.

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